The global radiology information system market is estimated to be valued at US$ 548.4 million in 2017 and is expected to witness a CAGR of 7.3% over the forecast period (2017 – 2025).
According to the American Heart Association (AHA): heart disease and stroke statistics relapsed in January 2018, cardiovascular disease accounted for the death of more lives each year than all forms of cancer and chronic lower respiratory disease combined. In addition, about 92.1 million American adults are living with some form of cardiovascular disease or with the after-effects of stroke. Moreover, the direct and indirect cost of total cardiovascular diseases and stroke are estimated around US$ 329.7 billion, which includes both health expenditures and lost in the productivity. For instance, according to the World Health Organization (WHO) findings, there were more than 3.7 million new cases and 1.9 million deaths each year were registered due to the cancer, making it the second most important cause of death and morbidity in Europe, however on the global scale, cancer accounted for 8.2 million deaths (around 13% of the total) in 2012.
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In addition, according to the same source, Europe comprises only one eighth of the total world population but has around one quarter of the global total of cancer cases with some 3.7 million new patients per year. National Cancer Institute (NIH) is increasingly allocating its fund for the research and development activities. For instance, NIH spent around US$ 4,932 million, US$ 4,952 million and US$ 5,215 million on the research of various cancer types during 2014, 2015 and 2016, respectively. However, the growing incidence rate of chronic disease and increasing spending by government owned research organizations will help to drive the demand for radiology information system market, in coming years.
However, lack of experienced healthcare professionals to operate the radiology information system and increasing concerns regarding data safety and security are expected to hinder growth of radiology information system market over the forecast period. Due to increasing cyberattacks, securing patient information is the important for healthcare companies. Moreover, in January 2013, Department of Health and Human Services (HHS) published the HIPAA Omnibus Rule. It is the set of final regulations modifying the Health Insurance Portability and Accountability Act (HIPAA) privacy, security, and enforcement rules, which provides the guidelines regarding where the information is being stored and how the patient information can be secured efficiently.
North America is projected to witness high share in the radiology information system market, owing to the well-established healthcare infrastructure and early adoption of the advancement in the medical and healthcare industry in the U.S. Furthermore, Asia Pacific region is emerging region in radiology information system market, owing to the increasing investments on healthcare facilities and increasing demand for diagnosis and treatment of chronic disease. For instance, according to the China’s Ministry of Finance (MOF), in 2016, the fiscal healthcare spending increased by 10% to reach US$ 18.8 billion, in 2016. Furthermore, according to The Australian, news findings, published in January 2018, the Chinese investment in the Australia’s healthcare system through various mergers and acquisitions and joint ventures from 2015 to 2017 raised by US$ 4.4 billion.
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Key players operating in the radiology information system market include Allscripts, Carestream Health, Inc., Cerner Corporation, Comarch SA, Epic Systems Corporation, GE Healthcare, IBM Watson Health, Koninklijke Philips N.V., McKesson Corporation, and Siemens Healthcare.